Multiple Choice Quiz
Multiple Choice Quiz
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 1 Sales tax is collected by wholesalers. A) True B) False 2 All charitable organizations will pay a sales tax. A) True B) False 3 The tax rate per dollar is never rounded up. A) True B) False 4 Total property tax due is equal to the tax rate times the total assessed valuation. A) True B) False 5 In the portion formula total assessed valuation in the calculation of property tax due is the portion. A) True B) False 6 Sales tax rates are: A) Same in all states B) Different in many states C) Exempt from all businesses D) Not used by retailers, only wholesalers E) None of the above 7 Excise tax is not taxed on: A) Distilled spirits B) Beer C) Wine D) Donuts E) None of the above 8 Which of the following is taxed for sales tax? A) Roast beef B) Tomatoes C) Shampoo D) Milk E) None of the above 9 A home with a market value of \$200,000 is assessed at 35 percent of the market value. The assessed value is: A) \$140,000 B) \$70,000 C) \$130,000 D) \$57,143 E) None of the above 10 The tax rate per dollar in a town can be calculated by dividing the total assessed value into: A) Mills B) Budget needed C) Market value D) Appraised value E) None of the above 11 A tax rate of \$.0802 in decimal expressed per \$1,000 of assessed value is equal to: A) \$8.02 B) \$800.30 C) \$80.20 D) \$8.02 percent E) None of the above 12 The tax rate of \$.6943 in decimal can be expressed per \$100 as: A) \$6.943 B) \$69.43 C) \$690.3 D) \$69.43 mills E) None of the above 13 Dick Flynn bought a new car for \$14,500. That included a 6 percent sales tax. The actual cost of the car (round to nearest dollar) before the tax is: A) \$13,630 B) \$13,679 C) \$13,360 D) \$13,769 E) None of the above 14 Al's warehouse has a market value of \$255,000. The property in Al's area is assessed at 35 percent of the market value. The tax rate is \$179.50 per \$1,000 of assessed value. The tax for Al is: A) \$16,020.38 B) \$1,602.03 C) \$160,203.80 D) \$16,200.38 E) None of the above 15 The building of Jim's Hardware is assessed at \$109,000. The tax rate is \$86.95 per \$1,000 of assessed value. The tax due is: A) \$9,477.55 B) \$947.75 C) \$8,695.45 D) \$8,659.54 E) None of the above